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June 03, 2023
Yesterday at a glance: with a daily low of $1,386.5, the Palladium future closed yesterday at $1,421 per troy ounce, after ending Thursday at $1,390.7 and gaining $30.3 (2.18%).
Palladium upside coincides with further encouraging market factors as United States Non Farm Payrolls beat the 180,000 projections, with 339,000.
Nevertheless, United States Average Hourly Earnings fell short of the 0.4% projections, with new data of 0.3%. Data from United States concerning Unemployment Rate was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.4 to 3.7 this month.
Palladium made an initial breakout above its 10 day Simple Moving Average at $1,422.25, a potential indicator of a newly emerging bullish phase. CME Palladium formed a session range of $1,386.5 to $1,440.5 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $1,411. Palladium's lower Bollinger Band® is at $1,360.59, indicating that the market is oversold and fertile for new buyers. Despite this, the Palladium future could be slowing down soon as it approaches resistance at $1,443.5. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the Palladium future might continue pointing upwards in the short term.
This rally in CME Palladium's price coincides with other Metals as Copper added 0.59% and closed around $3.71 yesterday.
Though the Palladium future is going up, other Metals are underperforming — Gold dips 1.56% yesterday and closed at $1,995.5. After ending yesterday's session at $24, Silver lost 30.5 cents and is trading around $23.7.
Palladium has fallen back around 40.09% from the significant high of $2,321.2 set 7 months ago.
